7–9 Proprietary Fund Financial Statements. Von County has prepared the following statement of revenues, expenses, and changes in fund net assets for its proprietary funds. The county has three enterprise funds and two internal service funds.
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VON COUNTY Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Funds for the Year Ended December 31, 2011 (amounts expressed in thousands) |
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|
|
Total Enterprise Funds
|
Total Internal Service Funds |
Total |
|
Revenues |
|
|
|
|
Charges for services |
$ 61,309 |
$10,621 |
$ 71,930 |
|
Investment income |
1,086 |
59 |
1,145 |
|
Total Revenues |
62,395 |
10,680 |
73,075 |
|
Expenses |
|
|
|
|
Personnel services |
24,196 |
5,681 |
29,877 |
|
Supplies and materials |
11,540 |
3,293 |
14,833 |
|
Interest expense |
6,904 |
172 |
7,076 |
|
Depreciation |
11,213 |
2,076 |
13,289 |
|
Loss on disposal of capital assets |
14 |
|
14 |
|
Interfund Transfer out |
186 |
0 |
186 |
|
Total Expenses |
54,053 |
11,222 |
65,275 |
|
|
|
|
|
|
Change in net assets |
8,342 |
(542) |
7,800 |
|
Special item—Loss on Sale |
(3,794) |
|
(3,794) |
|
Net assets—January 1, 2011 |
288,611 |
3,337 |
291,948 |
|
Net assets—December 31, 2011 |
$293,159 |
$ 2,795 |
$295,954 |
Required
The statement as presented is not in accordance with GASB standards. Identify the errors and explain how the errors should be corrected in order to conform with GASB standards. Along with the information in Chapter 7, Illustration A1 8 will be helpful in identifying and correcting the errors.